J.P. Morgan partners with China Foundation for Rural Development to Launch Green Business Development for Rural Revitalization Program in China

Beijing, March 23, 2023 – J.P. Morgan Securities (China) Company Limited (JPMSC) today announced, in collaboration with China Foundation for Rural Development (CFRD), the launch of Green Business Development for Rural Revitalization Program. This initiative will provide micro-entrepreneurs with enhanced skills training and E-commerce platform support to facilitate green economy transition and sustainable growth in underserved rural communities in China.

Fang Lu, CEO of J.P. Morgan Securities (China) Company Limited said: “J.P. Morgan has been growing with China for over 100 years. As the first foreign wholly-owned securities venture in China, JPMSC has been committed to investing in our onshore platform and capabilities, and we believe it is also critical for us to continue contributing to our local communities. Through this renewed partnership with CFRD, we expect this upgraded program to help build a greener rural economy and community.”

J.P. Morgan has been supporting CFRD since 2015 through a series of philanthropic programs that enable low-income rural micro-entrepreneurs to improve product quality, supply chain resilience, marketing and sales skills, as well as to expand their customer base on E-commerce platform. As of now, our joint efforts have benefited 300 rural micro-entrepreneurs. Coupled with E-commerce platform support, these programs have helped improve the financial wellness of over 243,000 low-income individuals in 127 counties across 19 provinces in China.

Built upon concrete experience and tested models, this new program over the next three years aims to incorporate climate resilience and sustainable business concepts into its training module and introduce pilot sites for green business transition and development. Mengdingshan Rural Cooperative Development Training Institute, supported by J.P. Morgan, will also provide 400 underserved micro-entrepreneurs and rural cooperative directors with training courses in sustainable development knowledge and skills, as part of our collective efforts to prevent rural households from falling back into poverty and to drive the inclusive growth for rural revitalization.

“Rural revitalization is a concerted effort that requires all parts of the society to work together. As one of the first corporate partners to support our rural business development program, J.P. Morgan has played a constructive role in promoting income generation and inclusive growth in rural communities through continued support to a series of programs. Based on our long-term collaboration, we are pleased to partner with JPMSC to launch this new program to help further promote inclusive growth and rural revitalization,” said Wenkai Zheng, Executive Director of CFRD.

* Public statistics show that China is one of the regions that has been most affected by global climate change. From 1961 to 2020, temperatures in China rose by an average of 0.3°C every decade, which is significantly higher than the global average during the same period. Climate change has led to an increase in extreme weather events, which impact agricultural production subsequently. The spread of crop damage by pathogens and pests, as well as a decrease in grain output and quality, caused by global warming, have also heightened the risk of cuts in crop production, which makes it crucial to introduce and enhance the green and sustainable development concepts among China’s rural micro-entrepreneurs.

China is a strategically important market for J.P. Morgan globally. J.P. Morgan has been supporting programs and initiatives that have benefited more than 390,000 people across 19 provinces in China, focusing on improving workforce readiness, boosting small businesses growth, creating new opportunities for young people and disadvantaged communities, and contributing to China’s goal of poverty alleviation and rural revitalization.